Slides
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AGM Presentation ASX/NZX: MHJ 22 October 2026
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Disclaimer 2 Certain statements in this report constitu te forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the anticipated or planned financial and operational performance of Michael Hill International Limited and its related bodies corporate (the Group). The words “targets”, “believes”, “exp ects”, “aims”, “intends”, “p lans”, “seeks”, “will”, “may”, “might”, “anticipates”, “projects”, “assumes”, “forecast”, “likely”, “outlook”, “would”, “could”, “should”, “continues”, “estimates” or similar expressions or the negatives thereof, generally identify these forward- looking statements. Other forward-looking statements can be identified in the context in which the statements are made. Forward-looking statements include, among other things, statements addressing matters such as the Group’s future results of operations; financial condition; working capital, cash flows and capital expenditures; and business strategy, plans and objectives for future op erations and events, including those relating to ongoing operational and strategic reviews, sustainability targets, exp ansion into new markets, future product launches, points of sale and production facilities. Although the Group believes that the expectations reflected in these forward-looking statements are reasonable, they are not gu arantees or predictions of future performance or statements of fact. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the Group’s actual results, performance, operations or achievements or industry results, to d iffer materially from any future results, performance, operations or achievements expressed or implied by such forward-looking statements. Such risks, uncertainties and other important factors include, among others: glob al and local economic conditions; changes in market trends and end-consu mer preferences; fluctuations in the prices of raw materials, currency exchange rates, and interest rates; the Group’s plans or objectives for future operations or products, including the ability to introduce new jewellery and non- jewellery products; the ability to expand in existing and new markets and risks associated with doing business globally and , in particular, in emerging markets; competition from local, national and international companies in the markets in which the Group operates; the protection and strengthening of the Group’s intellectual property rights, including patents and trademarks; the future adequacy of the Group’s current warehousing, logistics and information technology operations; changes in laws and regulations or any interpretation thereof, applicable to the Group’s b usiness; increases to the Group’s effective tax rate or other harm to the Group’s business as a result of governmental review of the Group’s transfer pricing policies, conflicting taxation claims or changes in tax laws; and other factors referenced to in this report. Should one or more of these risks or uncertainties materialise, or should any underlying assu mptions prove to be incorrect, the Company’s actual financial condition, cash flows or results of op erations could differ materially from that described herein as anticip ated, believed , estimated or expected. Accordingly, you are cautioned not to place undue reliance on any forward-looking statements, as there can be no assurance the actual outcomes will not differ materially from the forward-looking statements in this report. Except as required by applicable laws or regulations (including the ASX Listing Rules), the Group does not intend, and does not assume any obligation, to update any forward- looking statements contained herein. All subseq uent written and oral forward-looking statements attribu table to us or to persons acting on the Group’s b ehalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this report.
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Board of Directors 3 Rob Fyfe (Independent NED, Chair) Claudia Batten (Independent NED, Deputy Chair) Emma Hill (Non-independent NED, Chair of People Development & Remuneration Committee) Gary Smith (Independent NED, Chair of Audit & Risk Management Committee) Dave Whittle (Independent NED) Andrea Slingsby (Independent NED) Karen Bozic (Independent NED) Mark Bayliss (Independent NED)
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Online Text Question Process 4 Select the messaging tab Type your question in the ‘Ask a question’ box Select ‘My Messages’ to view your submitted messages along with any written responses
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Online Audio Question Process 5 Click ‘Request to Speak’ Enter the topic of your question Click ‘Submit Request’ Click ‘Join Queue’ and follow the audio prompts
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Voting Select the voting icon Select your voting preference for each resolution Your selected option will change colour You can change your vote until the poll is closed 6
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Chair’s Address Rob Fyfe CHAIR
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Dividend Restored Commitment to delivering sustainable returns to shareholders over time. The Board declared a final dividend of AU2.0 cents per share, partially franked (50%) for Australian purposes, with partial New Zealand imputation credits (50%) and with conduit foreign income. “Restoring the dividend reflects the Board's commitment to delivering sustainable returns to shareholders over time.The 2.0 cent second half dividend is enabled by a materially stronger balance sheet and improved operating performance, which has continued into the first eight weeks of FY27” Rob Fyfe, Chair 28 August 2026
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CEO’s Address Jonathan Waecker CHIEF EXECUTIVE OFFICER
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Michael Hill turnaround delivers record Group revenue, EBIT up 57%, dividend restored 10 • A new leadership team, in place and driving the reset. • A simpler business, following a strategic simplification of the brand portfolio. • A renewed focus on execution. • The Bevilles reset is underway and gaining traction. • The FY26 results demonstrate our turnaround strategy is working. Update with neutral background
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FY26 Results Summary 11 Strong sales momentum and margin resilience resulted in significant profit growth. Record Group Revenue $655.7m Up 4.1% in constant currency Up 1.9% in AUD Same Store Sales 5.2% Up in all markets Up 3.0% in AUD Gross Margin 60.5% Flat to prior year Comparable EBIT $24.0m Up 57% on prior year Net Debt $5.5m Down $36.3m on prior year Inventory $189.7m Down $9.4m on prior year Productivity5 up 13% CODB% 57.1% Down 70 bps on prior year Final Dividend 2 cents Compared to nil in prior year 1. On a constant currency basis. 2. Excludes relevant one-off normalisations. 3. Comparable EBIT is an unaudited non-IFRS measure prepared on a normalised basis. 4. Cost of doing business % is an unaudited non-IFRS measure calculated on a normalised basis, and excludes foreign exchange gains/losses, as a % of revenue. 5. Group Gross Margin Return on Investment (GMROI). 1 2 3 4
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Driving Profitable Growth 12 All four levers progressed: stronger store productivity, sales growth, steady margins, and lower cost of doing business. Gross Margin GROSS PROFIT IMPROVEMENT Sales DIVERSIFIED REVENUE GROWTH Footprint IMPROVED STORE PRODUCTIVITY Cost of Doing Business OPERATING LEVERAGE IMPROVEMENT Gross Profit per store up 4% Inventory Productivity up 13% across the Group 1 Online Sales up 10% 2, 3 Same Store Sales up 5.2% 2 (up 3% in AUD) Held flat at 60.5% demonstrating resilience in a challenging macro environment Down -70 bpsFY26 Progress: 1. Group Gross Margin Return on Investment (GMROI) 2. Constant currency 3. Michael Hill brand, across all segments
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13 Making Modern Luxury Accessible Win more customers, scaling Michael Hill beyond $700M. Grow Customers. Set a new standard for profitability at Michael Hill. Grow Profit. Turn our service into a defining reason customers choose Michael Hill. Grow Engagement. Raise our performance standards and decision discipline to unlock growth. People, culture and operating model. Our strategy for Michael Hill is to focus on growing customers, profit, and engagement.
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14 Raise our performance standards and decision discipline to unlock growth. People, culture and operating model. Our strategy for Bevilles is to win on value, to move fast, and to run lean. Deliver unmistakable customer value. Win on Value. Maximise inventory velocity and return on capital. Move Fast. Create structural advantage. Run Lean. The Look For Less
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Strategic Growth Engines for FY27 Building on FY26, our priorities remain sharp for the year ahead. Growth Engines Initiatives Canada Growth • Invest in marketing to build awareness and inventory to capture productivity gains. • Refit five of our top six stores in CY27 and explore at least two new sites. Australia & NZ Productivity • Refresh stores with lower -cost fitouts, a new Auckland flagship and a new NZ store in H1 FY27. • Reset marketing and go -to-market, and invest in productive inventory. Digital Acceleration • Invest in the online experience and expand Buy Online Pickup In -Store. • Strengthen clienteling for a consistent, integrated retail experience. Product Innovation • Grow lab diamonds and reinforce premium positioning with natural diamonds. • Sharpen design direction, product launches and storytelling. • Improve newness and availability across value categories and limited releases. Services-led Differentiation • Expand personalisation, custom and bespoke services. • Enhance aftercare and product care plans. Bevilles Reset • Reset go-to-market for the value segment under new leadership. Becoming an AI-Powered Retailer • Build AI capability through mindset, skills and tools, putting people first. • Deploy AI planning and merchandising tools to improve inventory productivity and agility.
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Current Trading Update Sales improvement for the first 16 weeks of FY27 16 • We are seeing a year-on-year sales improvement through the first16 weeks of FY27 across all segments, despite an uncertain macroeconomic environment, and with gross margins holding in line with prior year. • Group same store sales up +6.6% on a constant currency basis, and up +2.3% in AUD. In local currency: • Canadian segment same store sales grew 11.3% • Australian segment same store sales grew 4.0% • New Zealand segment same store sales grew 7.1% • Our new colour, bridal, and tennis bracelet ranges, all backed by new go-to- market campaigns and in-store events, are bringing in new customers and bringing back existing ones. • Management expects continued profitable growth through the year. [RF] No doubt still a work in progress but I would like to see more colour in the trading update section rather than just numbers. [JW] Update with new Christmas creative from Sam
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Michael Hill builds momentum into Christmas 17 Encouraging sales momentum entering the key trading period. • Same store sales growth has accelerated since the first eight weeks of FY27. A stronger Christmas range and go-to-market. • Newness across key categories, including Colour, Diamond Fashion, T ennis, Bridal, Men’s, Michael Hill Watches, and Silver. • 68% more new product options in Q2 compared with last year. • More choice at every price, and gifts for every budget, including an expanded novelty Christmas range and our first-ever Michael Hill Advent Calendar. Continued investment in our store network. • Queen Street in Auckland, NZ – flagship experience store opened July 2026. • Rouse Hill in NSW, AU – refit modernised core store opening October 2026. • Richmond, NZ – new modernised core store opening November 2026. • Galleria in WA, AU – relocated modernised core store opening November 2026.
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Bevilles builds momentum into Christmas 18 Encouraging sales momentum entering the key trading period. • New leadership is delivering year-on-year margin and sales growth. • Bevilles continues to grow market share in a challenging consumer discretionary spending environment. A stronger Christmas range and go-to-market • More than 500 new products, including new Waterproof Jewellery and refreshed Men's and Religious ranges. • Built to win in jewellery under $500, with gifts at every price. • A 12-month partnership with Jules Robinson, with exclusive collections launching before Christmas. Ready for Christmas • Stores have been reset with a layout tailored to its customers. • A re-energised team fully aligned behind our peak trading opportunity at our first Bevilles Conference. • A new Black Friday offer, plus our proven Diamond Rush, VIP Day and Super Saturday events.
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Questions
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Business of the Annual General Meeting Rob Fyfe CHAIR
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Financial Statements and Reports 21 • Audited FY26 Financial Statements • Directors’ report • Auditor’ s report
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Resolution 1: Adoption of Remuneration Report 22 To consider and, if thought fit, to pass the following advisory resolution: “That the Remuneration Report for the financial year ended 28 June 2026 (as set out in the Directors’ Report) is adopted. ” FOR AGAINST OPEN ABSTAIN EXCLUDED NO. OF SHARES 89,678,405 279,313 389,966 81,717 164,905,740 % OF ELIGIBLE VOTES 99.25% .31% 0.44% N/A N/A % OF ALL SECURITIES 23.30% 0.07% 0.10% 0.02% 42.85%
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Resolution 2: Re-election of David Whittle as Director 23 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Mr David Whittle who retires by rotation in accordance with ASX Listing Rule 14.4 and Rule 38.6 of the Company’s Constitution and, being eligible, offers himself for re-election, be re-elected as a Director of the Company.” FOR AGAINST OPEN ABSTAIN EXCLUDED NO. OF SHARES 254,731,641 168,054 389,958 45,488 0 % OF ELIGIBLE VOTES 99.77% 0.07% 0.16% N/A N/A % OF ALL SECURITIES 66.19% 0.04% 0.10% 0.01% 0%
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Resolution 3: Re-election of Karen Bozic as Director 24 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Ms Karen Bozic, who was appointed by the Board as a Director of the Company with effect from 29 August 2026, who in accordance with ASX Listing Rule 14.4 and Rule 36.2 of the Company’s Constitution and, being eligible, offers herself for re-election, be re-elected as a Director of the Company.” FOR AGAINST OPEN ABSTAIN EXCLUDED NO. OF SHARES 254,725,565 177,304 389,958 42,314 0 % OF ELIGIBLE VOTES 99.77% 0.07% 0.16% N/A N/A % OF ALL SECURITIES 66.19% 0.05% 0.10% 0.01% 0%
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Resolution 4: Re-election of Mark Bayliss as Director 25 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That Mr Mark Bayliss who was appointed by the Board as a Director of the Company with effect from 29 August 2026, who in accordance with ASX Listing Rule 14.4 and Rule 36.2 of the Company’s Constitution and, being eligible, offers himself for re-election, be re-elected as a Director of the Company.” FOR AGAINST OPEN ABSTAIN EXCLUDED NO. OF SHARES 254,732,878 170,035 389,958 42,270 0 % OF ELIGIBLE VOTES 99.77% 0.07% 0.16% N/A N/A % OF ALL SECURITIES 66.19% 0.04% 0.10% 0.01% 0%
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Resolution 5: Approval of Company Equity Incentive Plan 26 To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That for the purposes of ASX Listing Rule 7.2 (exception 13(b)) and for all other purposes, the Shareholders approve the Company’s Equity Incentive Plan (as defined in the Explanatory Notes to this Notice), and the issue of securities under the Equity Incentive Plan, as an exception to ASX Listing Rule 7.1”. FOR AGAINST OPEN ABSTAIN EXCLUDED NO. OF SHARES 88,433,708 1,235,176 376,083 165,281,960 8,214 % OF ELIGIBLE VOTES 98.21% 1.37% 0.42% N/A N/A % OF ALL SECURITIES 22.98% 0.32% 0.10% 42.95% 0%
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